Southeast Asian payment services provider 2C2P has raised US$7 million in another round of funding from international investors.
The series C investment round was led by Hong Kong’s Amun Capital AG and Japan’s GMO Venture Partners Inc.
It takes the total funding for 2C2P to more than US$10 million. The new funds will be used to drive regional expansion, product development and recruitment.
“2C2P will expand across Southeast Asia, with Thailand, Myanmar, Indonesia, the Philippines and Malaysia as priority markets,” the company said in a statement.
“Frost & Sullivan estimates the B2C e-commerce compound annual growth rate (CAGR) of Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam, key markets for 2C2P, at 37.6 per cent from 2013 through to 2018, growing from US$7 billion to US$34.5 billion. A robust payment infrastructure must be in place to support this.”
The company says it will also deepen its product capabilities by expanding its card, cash and cash equivalent acceptance services, the issuance of physical and virtual co-branded debit and prepaid cards with partner banks and retailers, and providing comprehensive payment and payment related services for financial institutions.
2C2P already works with some of Asia’s largest companies, including financial institutions and banks across Southeast Asia, and with finance partners including American Express, China UnionPay, JCB, MasterCard, and Visa. It also works with e-commerce partners in the retail, travel & tourism and telecommunications sectors.
2C2P will also make senior hires, adding depth and in-market expertise to its senior management team, supporting geographic expansion, product delivery and customer service.
“With over 600 million people, close to 700 million mobile devices and a GDP of US$2.4 trillion and growing, the promise of eCommerce in Southeast Asia is tremendous,” said Aung Kyaw Moe, founder and group CEO at 2C2P.
“We aim to capitalise on the region’s growth by building financial services and payments infrastructure in key developing Southeast Asian markets. Series C funding allows us to step up our go-to-market efforts, cementing our stature as the region’s leading payments company,” said Aung.
2C2P offers comprehensive, technology-driven payment services tailored to the needs of financial institutions, eCommerce and mCommerce businesses and retailers, facilitating electronic and mobile commerce.
It has offices in Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Philippines, Thailand and Hong Kong.